Five Strategies to Thrive
Remember the 80/20 rule
Sure, we are in a down turn – we have a half a percent decrease in gross domestic product. However, it is just half a percent. This is an average of course – some will be facing worse results but others will be producing growth. Some 99.5% of the money spent last quarter, is still being spent. It may not be in the same proportions as before, you may lose out to someone or something else; so get great at finding, converting and keeping 80% of the good customers that are still out there spending.
Measure your Marketing
Fact is; there is a good chance you will lose some of your customers who, like you, will be making sure their cash position is sustainable. This means to survive you need to continue to look for new customers to replace them. Sadly some of your competitors will fail, so to pick up their clients who need the products or service you offer, you need to be in front of them when that happens. Businesses that stop marketing activities do so because they don’t measure the success of their ‘advertising’ spend. How do you recognise what is working for you and what is not?
Make sure that your marketing activities include collecting a database of future consumers. In today’s knowledge economy it is difficult enough to sell to your clients at the first point of contact without the added problem of the R word! So if your potential clients are taking too much time breaking your door down, spend any spare time devising ways to build and nurture a data base. What can you ‘give away’ (this can be knowledge) to get them to contact you?
Find Seven Points of Contact
On average, you need to make seven points of contact before buyers will make a decision. Most sellers stop after the first or second attempt. You need to follow up and follow through. What can you send them next, and again? How many different methods can you use to keep in contact so that when the time is right for them to buy – you are there? Here are some generic and different reasons to make contact: birthdays and anniversaries, special offers, Easter, Christmas, other related religious festivals, Valentines, Mother’s and Father’s days. What is the most appropriate method for you to be relentless in your contact with your clients?
Action Cures Fear
At the end of any period of recession, there will be losers, but there will be many more survivors and there will be those that actually thrive. Which one of the three are you going to be? To be a thriver you will need to take positive action. Get networking, look for opportunities to work together with similar businesses to reduce your overheads, and look for new opportunities to acquire new customers. Your customers and staff will be attracted to positive and dynamic leaders.